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WeWork Inc (NYSE:WE) shares are trading higher Monday amid increased volatility in the stock following the circulation of a fraudulent press release.
What To Know: On Friday, a press release suggesting Cole Capital Funds was seeking to acquire 51% of WeWork's minority ownership shares for $9 per share in cash made the rounds. The press release has since been deemed fake.
The fraudulent press release detailed a letter that Cole Capital supposedly sent to WeWork's board.
"Our vision for the company involves a significant expansion of the offerings available to the growing WeWork community, including additional properties which are under consideration in markets across the United States. We will design these new facilities to be attractive to a broader customer base," the letter states, per the release.
"We believe that this all-cash offer is compelling for WeWork and its stockholders and, accordingly, we are making this letter public simultaneously with its delivery to you."
See Also: Why Pet Food Company Freshpet's Shares Are Jumping Today
WE Price Action: WeWork shares traded as high as $2 per share after the close on Friday before pulling back. The stock was up 37.5% at $1.15 at the time of publication, according to Benzinga Pro.
Photo: courtesy of WeWork.
Posted In: WE
